INRIX, a Kirkland, WA-based provider of transportation analytics and connected car services, secured a $70 million financing.
The round was from investment funds managed by Morgan Stanley Expansion Capital and Morgan Stanley Tactical Value (together, "Morgan Stanley Investment Management").
The funding will be utilized to fuel the company's strategic growth initiatives, refinance debt, and further strengthen its position as a key player in the intelligent mobility industry.
For nearly 20 years, INRIX has played a foundational role in shaping the future of transportation by helping cities and businesses take advantage of location-based insights. By leveraging cutting-edge artificial intelligence and machine learning technologies, INRIX has a comprehensive suite of solutions that provides accurate and actionable insights to help make the world move smarter, greener, and safer.
"We are thrilled to partner with Morgan Stanley Investment Management as INRIX continues to transform the way people and goods move around the world," said Bryan Mistele, CEO of INRIX. "This financing round shows their confidence in our vision and ability to drive significant growth in the industry."
With this latest financing, INRIX is well-positioned to drive innovation, expand its customer base, and further solidify its position as a global leader in the connected car and traffic intelligence markets.
Company: INRIX, Inc.
Raised: $70.0M
Round: Unknown
Funding Month: August 2023
Lead Investors: Morgan Stanley Expansion Capital and Morgan Stanley Tactical Value
Additional Investors:
Company Website: https://inrix.com/
Software Category: Intelligent Mobility Solutions
About the Company: Founded in 2004 by Bryan Mistele and Craig Chapman, INRIX delivers innovative products for the automotive and transportation industries, such as real-time parking and traffic information and solutions that facilitate the safe testing and deployment of autonomous vehicles. They also provide new insights for a variety of other industries that can make better business decisions by understanding how people move throughout the day. By empowering cities, businesses, and people with valuable insights, INRIX is helping to make the world smarter, safer, and greener.
Source: https://www.prnewswire.com/news-releases/inrix-secures-70-million-financing-from-morgan-stanley-investment-management-301894940.html